₦airaland Forum

Nairaland Exclusive:

[img]http://3.bp..com/-u6Wu0vr5P4k/TlHxchlB93I/AAAAAAAAAqs/wZ3RoUsXU6k/s1600/Gaddafi+DeadPicture.png[/img]

software:
Hunting has to be a part of it bro,  oh yeah, even she should know how to kill a cow all alone, oh yeah

Thank you . . . . .


Its like 'University' ruins them and 'Nollywood' films ruin them more.

They have lost practically all the skills previous generations had picked up by age 12.

Its disturbing - even my own sisters (both grads) are pretty useless when I compare them to my grandmother (who only went to primary school)

I'll take the traditional woman over the modern woman anyday of the week - A woman who can cook over a woman who know's book.

Found in Kano - 

Muslim kidnappers? - 

. . . . .and she cant be as devious as IBB.

Dont blame the women - blame the parents for not raising them well.

As far as i'm concerned a decent girl should know how to cook and farm!!

If she can also hunt then that would be a bonus.

ABUJA-Former Managing Director of the World Bank, Dr Ngozi Okonjo-Iweala who was sworn-in yesterday by President Goodluck Jonathan as the Minister of Finance declared that her main priority as she resumed duties was to create jobs which was a key component of the president's transformation agenda.

She made the declaration after she took oath of office, even as President Jonathan said that Dr Okonjo-Iweala and other ministers who were formerly based abroad before being invited to join the cabinet will not be paid salaries and allowances in foreign currencies.



Dr. Ngozi Okonjo Iweala taking oath of office as Minister of Finance during the Federal Executive Council meeting Wednesday in abuja. Photos--state house.

Meanwhile, the President has also constituted the National Economic Management Team, NEMT, which will be inaugurated today with Dr Okonjo-Iweala as the Co-ordinator of the team.


Okonjo-Iweala who fielded questions from State House correspondents after the weekly Federal Executive Council, FEC, was not comfortable with a question from reporters on the ongoing reforms of the banking sector by the Central Bank of Nigeria, CBN, stating that the CBN doesn't have any reform, apart from President Jonathan's reforms.

"There is no reform package by the CBN and no reform package by the Ministry of Finance. There is a reform package for Nigeria which is being led by President Goodluck Jonathan. We are here to make sure that his priorities are met. CBN is dealing with monetary, currencies and exchange rates policies and the Finance sector is fiscal policy. The two have to come together in order to make a whole so there is no division", she said.

"But let me say this first the whole thrust of what the president wants for now is the creation of jobs so everything that we do in terms of pushing the economy forward has to be geared around how we can have a true job growth of the economy. So we are going to be working on that", she added.

According to her, "those micro economic structure reforms and investments in key sectors that need to be done in order that we create job for our youths would be the critical thrust but we can expand on that later".

On the issues of the debt, she said, "first we have to look at the fiscal issues in the country studying possibilities of fiscal consolidation and that includes looking at our debt level. As you know, I am somebody that believes we should have a prudent approach to our debt. But we will be able to tell you more later when we have started the process of looking at the budget".

Announces 3-point agenda

As she assumed duties yesterday at the Ministry of Finance secretariat, Dr. Okonjo-Iweala, set for herself and the ministry staff, a three-point agenda of "efficiency, effectiveness and delivery."

Exuding confidence, she said the various challenges of the Nigerian economy could be successfully tackled with determination and readiness of spirited Nigerians to ensure the success of the needed reforms.

She urged all staff of the ministry to work hard, explaining that she could be a "very demanding" person.

The former World Bank Managing Director told the top management that the execution of government's policies would be based on hard work and that she was determined to ensure that Federal Ministry of Finance was at the lead in that regard. It is essential that all team members work together to deliver on the agenda", she said, adding that she did not have all the solutions alone.

She described her appointment into the cabinet as an honour that humbled her immensely and that "nobody is too big to serve his or her country. My decision to serve my country is because of my love for my country. I love Nigeria with a passion".

According to her, "Nigeria can do better than it is doing currently only if all those saddled with the responsibility of implementing the policies play together as a team".

In a brief remark, the Minister of State for Finance, Alhaji Yerima Lawan Ngama identified a successful execution of the Vision 20:2020 as critical to the realization of the Goodluck Jonathan administration's transformation agenda.

No pact to pay Okonjo-Iweala, others in US dollars-Jonathan

Meanwhile, President Goodluck Jonathan has announced that contrary to reports, he has no pact with any of the cabinet members sourced from the diaspora, including the immediate past World Bank second highest officer, to earn wages in US dollar.

Said he: "The question the media ask and I know, for Ngozi, it was quite embarrassing when you accepted to serve; it was in the media that you gave conditions to be paid in dollars. Let me formally announce to Nigerians that she accepted to serve just like any other minister and indeed others who came from the diaspora have not asked us for dollar salary. They are going to receive salary and allowances like others in the cabinet. They are coming to serve the country and are not coming because of their personal aggrandizement.

"For today's ceremony, there is the need to make one or two statements. First let me welcome Dr. Ngozi Okonjo-Iweala on board, a very familiar terrain. She was here before most of us here, as a minister of finance and minister of foreign affairs briefly before leaving".

He thanked the new minister for accepting to come and serve again, "because considering the position you were holding at the foremost world bank, it is difficult for you to come back to serve as minister in a country".

"And I am saying this with all pride because when your name was made known and it entered the media, anywhere I go, heads of state and governments were wondering why you would even agree to come; and they were appreciative of me, especially the African presidents that I did well to pull you back home to help solve the African problem because they know your worth in the world Bank

"Let me also thank the World Bank, particularly Zoellick for allowing you to come, for co-operating with us and promising to support us. It is an opportunity for us to thank the world bank and also thank the president especially. People wonder why we want her back, we want her back not just to manage the Ministry of Finance but we are opportuned to have her as somebody who is quite vast in economic issues and we want her back to play a key role in the economic issues in the country.

“Of course, you also know that in the immediate past, she also introduced the idea of Economic Management Team during Obasanjo's time and we followed up- the late President Yar'Adua and myself.” The President disclosed that NEMT is to be inaugurated this morning at Council Chambers of the State, even as he promised to expand the team as the need arises.

"This time around we are expanding the Economic Team because we believe the country is one. Yes, the states have their own economies but if there is no proper coordination in the management of the economy between the federal government and the states, we cannot go anywhere as a nation. And that is why the economic team, this time around, will have some governors as members.”

But specifically, he said: "Ngozi is brought in to coordinate all economic activities of the federal government and of course by extension, help the state. Let me also thank other ministers brought in from the diaspora, we know it is quite challenging to move from developed countries to Nigeria".

"For you, the expectation, not just from Nigeria, but the whole world, is quite high. People expect so much from you, some people feel you have the magic wand to wave and change everything. I believe with your level of experience and with the support we will give you, and of course cooperation of your colleagues, all of you collectively will help to change our own country. You will help to work to make sure that our transformation agenda move smoothly and get to the destination expected.

"I am quite happy with the ministers on board because this time we are emphasizing the cluster arrangement even though the economic management team has not been formally inaugurated, I am aware that the core economic ministers have been meeting in the minister of petroleum resources office.

They have been holding meetings to see how the ministers can work together. So your job is easier because even before you take the oath of office, already people are doing the work and they are working together. So the spirit is already there for you people to work

together; and I will give all the ministers the political support to what they are meant to do and I believe all of you will succeed".

Ministers to brief President

President Jonathan directed that as from next week, "probably after the Sallah celebrations, various ministries will give us comprehensive briefings on where we are and where we want to go". Issues of financing our project for the next four years will be key and of course you will be in all the briefings because the issue of the briefings usually ends with money. There is only one minister that told me and I pray that it should be so that Mr. President after one year the government would not need to spend money in my sector, we would be able to generate enough funds to drive my sector; and I said, if we can get that kind of ministers in all the sectors, it would be lovely."

He said "so we are quite hopeful that you (Okonjo-Iweala) have the team of ministers that are really ready to transform this country. I am quite pleased with the interactions I have been having with few of them for now both the ministers and the ministers of state, they have the spirit, the willingness to work hard to change our country. I think I would be one of the luckiest presidents that would have this kind of cabinet. So let me once again thank you and indeed all the ministers for accepting to serve our country."

National Economic Management Team constituted

The 24-member National Economic Management Team, NEMT, constituted by the president will be inaugurated today. The President is the Chairman of the team with Vice President Mohammed Namadi Sambo as Vice Chairman, while Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy is the Coordinator of the Economic Management Team.

Other members are: -

Minister, Nat. Planning

Minister, Trade and Invest

Minister of Power

Petroleum Resources Minister

Minister of Agriculture

Minister of Works

Minister of Education

Minister of Health

Minister of State, Finance

Minister of State, Health

Governor, CBN

Chief EconAdviser

SA Monitoring and Evaluation

DG, Budget

DG, Debt Management Office

DG, Bureau for Pub Procurement

DG, ICRC

Gov of Adamawa State

Gove of Anambra State

Mr. Atedo Peterside.

http://odili.net/news/source/2011/aug/18/315.html

Child assassins? Na wa ooh.

The woman better right a will quick time!

Money - the root of all evil.

Saif Gaddafi allegedly captured by rebel forces.

https://i.dailymail.co.uk/i/pix/2011/03/01/article-1361549-0D697EB6000005DC-909_468x616.jpg


P.U.S.S.S.Y Hope your 'Papa' has bigger 'Balls'

https://blogs.aljazeera.net/sites/default/files/imagecache/FeaturedImagePost/images/seif_gaddafi.jpg

I'm waiting for IBB to call OBJ a 'Chameleon'

Instead of all this grammar.

What of Abiola? The self declared presido.

Add him sharp sharp

The Rebels are meeting no resistance - Seems like Gaddafi is going down like a .B.i.t.c.h

Let the massacre begin.

I pity any black person left in that country.

Tinubu/Fashola - So these two rogues dont want any money set aside for future generations?

Tinubu and his puppet governors want the money delivered into their coffers now.

B.a.s.t.a.r.d.s

Kwara Light - I've already started marketing it to China.

The have placed an order with me for 40 million barrels.

NNPC - Dont mess up my runnings -

Borrowing from the future - Nice.

Let hope the oil doesn't run out in the future.

There are indications that as costs of funds in the banking industry remain high, the state governments' appetite for bonds to meet pressing funding needs will remain an attractive alternative.

Speaking on the trend, financial experts explained that the capital market can prove cheaper funds than bank loans and may be the only option for some governments seeking to fill budget gaps or fund big infrastructure projects.

A planned N100 billion ($650 million) bond issue by Rivers State would take the nation's total domestic debt stock to more than $2.3 billion compared to South Africa's $1.9 billion in municipal bonds.

Some of the states which have shown increasing interest in the bond market include Lagos which raised N50 billion in a five year-tenor issue in December 2008. The state also issued another N57 billion bond in April 2010 for a 7 year-tenor.
Others on the list include, Imo which raised N18.5 billion, which was issued in June 2009.

Kwara State raised N17 billion in a bond issuance on August 2009 with a 5 year tenor, while Niger State raised a conservative N6 billion through a bond issue on October 2009.

Also, Bayelsa raised N50 billion from a bond issue on June 2010 while Kaduna raised N8.5 billion in an issue in August 2010.
The list also includes Ebonyi, which raised N16.5 billion in September 2010, Edo issued a five year bond for N25 billion while Benue raised N13 billion via a bond issue in June this year.

"Banks in Nigeria have only a small direct exposure to states, about 5-10 percent of their total loans," said Maciek Szymanski, an investment analyst with African Alliance, explaining why states are keen to issue bonds.

Initially, states sought funds for budgets after falling oil prices reduced the amount they received from the Federation Account but they have since sought funding from the bond market for everything from roads to a luxury resort.

State bonds are tax-exempt and all except those of Lagos are backed by a payment order from the central government, which deducts coupon and principal payments from the amounts the states receive from the Federation Account.

"It's virtually impossible that you can have a default unless the sovereign state (Nigerian government) defaults itself," said Samir Gadio, an emerging markets strategist at Standard Bank.

The return on local debt is higher than for sovereign debts, although the lack of a secondary market means there is no yield curve, said Gadio.

Nonetheless, there has been virtually no participation by foreign investors despite the guarantee give by the central government.

http://www.thisdaylive.com/articles/states-scramble-for-funds-from-bond-market/96804/

The Nigerian National Petroleum Corporation has picked holes in the claim by the Kwara State Government that crude oil has been discovered in one of the villages in the state.



The corporation said it was funny for the state government to have come out publicly to make such pronouncement when the Department of Petroleum Resources that should verify such a claim was yet to be contacted.



Speaking with our correspondent on the telephone on Friday, a source at the Public Affairs unit of the corporation said it was not the duty of government officials or individuals to make pronouncements on oil discovery when no sample had been analysed.



The source said, “Even if oil was actually discovered there it is not their duty to go public with such information. It is the DPR that should be contacted and then experts will be sent there to analyse the soil sample.”



Last week, the Kwara State Government announced that crude oil had been discovered in Aran Orin town in Irepodun Local Government Area of the state by a farmer.



In a statement issued by the Senior Special Assistant on Media and Communications, Dr. Muyideen Akorede, the state Governor, Mr. Abdulfatah Ahmed, said the farmer discovered crude oil on his farm and seven other adjoining sites and subsequently alerted the state government.



He said geologists from the State Ministry of Industry and Solid Minerals were directed to confirm whether the substance was indeed crude oil, and if so identify the blend, which they later confirmed to be Bonny Light, the highly sought after blend by refiners.



As at Thursday, the state government had commenced the process of ascertaining the quantity of the deposit even when experts from DPR were yet to confirm the substance to be crude oil.



The state Commissioner for Information and Communications, Tunji Moronfoye, said on Thursday that the government had contacted the DPR of the Ministry of Petroleum Resources to carry out the processes to determine if the discovery was of commercial quantity.



The commissioner also said two wells would be drilled for exploration and appraisal of the substance to determine its commercial nature, adding that the government would be awaiting the response of the DPR.



The source, who expressed fears over the possible tampering of some oil pipelines, said it was very unlikely that oil would be discovered in a place where no oil company had been carrying out any exploration.



He said, “Another funny aspect of the story is that they named the oil Bonny Light. Bonny Light was given that name because of where the oil comes from. So why didn’t they name it after Kwara or after the village where it was said to have been discovered? I just hope they have not tampered with our pipelines

http://www.punchontheweb.com/Articl.aspx?theartic=Art201108211244212

By Yemi Ajayi and Olawale Olaleye


http://www.thisdaylive.com/articles/governors-seek-to-stop-sovereign-wealth-fund/96813/

Ahead of  Monday’s meeting of the National Economic Council in Abuja,  the Nigeria Governors’ Forum will be meeting  Sunday also in the Federal Capital Territory, during which the desirability of the nation’s Sovereign Wealth Fund will be discussed.

Already, there are indications that mounting pressure on state governors to meet their funding obligations, especially the national minimum wage, could see some of them heading to court to stop the transfer of a certain portion of their revenue to the SWF.

Lending credence to the opposition mounting against the SWF, the Chairman of the NGF and governor of Rivers State, Mr. Rotimi Amaechi, told THISDAY  Saturday that in his personal capacity, he deemed the fund “unconstitutional”.

The NEC meeting  Monday will be the first meeting this year. It will be presided over by NEC statutory chairman, Vice President Namadi Sambo and attended by governors of the 36 states of the federation as well as the governor of the Central Bank of Nigeria.
President Goodluck Jonathan on May 27, signed the National Sovereign Investment Authority Bill into law to give legal backing to the take-off of the SWF which is meant to replace the Excess Crude Account into which the federal government ploughed savings made from the differential between the budget benchmark for crude oil sales and the actual market price.

The SWF that took off with $1billion seed capital will be funded monthly from excess oil revenues from the Federation Account.
However, all the governors who were consulted before Jonathan sent the bill to the National Assembly for passage have started to make a U-turn, with those opposed to it arguing that the creation of the SWF conflicts with the constitution.

One of the governors from the south west, who craved for anonymity, told THISDAY Saturday that the operation of the SWF is in conflict with Section 162 of the 1999 Constitution, which states, “The Federation shall maintain a special account to be called ‘Federation Account’ into which shall be paid all revenues collected by the Government of the Federation, except the proceeds of the personal income tax of the personnel of the Armed Forces of the Federation, the Nigeria Police Force, the Ministry or Department of Government charged with responsibility for Foreign Affairs and the residents of the Federal Capital Territory, Abuja.”

Sub-sections 3 to 5 of Section 162 of the constitution further direct that money in the federation pool should be distributed among the three tiers of government based on a formula prescribed by the National Assembly.

It adds that the states’ portion should be shared among the states based on the existing revenue formula and that for all local governments in the federation should be so shared

According to the governor, the governors are ready to take on the federal government over the SWF, as it does not have the legal power to force them to save money as the operation of the fund connotes.

The governor disclosed that the legal advisers to his state government are on standby with the necessary court papers and are just waiting his nod to file them in court.

He said all collectible revenues are to go into the Federation Account and to be distributed among the three tiers of government in line with constitutional provision, adding that the operation of the SWF negates this principle.

“The thing is that it is our money and we need it. We are faced with so many challenges beyond the scope of our financial capacity and we cannot have a situation where the federal government will compel us to save money by not giving us our full dues from the Federation Account.

“For example, we need money to develop our region, how do we get that? We are confronted daily with security and conflict resolution matters, yet we don’t have enough resources to tackle them,” he added.

A presidency source, however, said the possible legal challenge over the operation of the SWF was not unexpected, as some governors had initially opposed the creation of the special account but softened their stance when the general elections were looming and they considered it politically expedient not to be rigid on the matter.

He added that now that the elections are over, they want to do a volte-face on the matter, adding that the governors are changing their position because of pressure to pay the national minimum wage.

Giving some insight into the controversy over the creation of the SWF, the official in the presidency revealed that Lagos, Rivers and some states in the south-west had all along insisted on sharing all the accruals to the Federation Account in line with the constitutional provision.

His words: “One or two of them (governors) had expressed their reservation over the SWF at a NEC meeting late last year. But the vice president appealed to them at the time.
“More recently, one of them had also raised concern when we had a presidential retreat with the ministers and had invited some governors, former President Olusegun Obasanjo and Senate President, David Mark, about four weeks ago.

“In fact, (Rivers State Governor, Chibuike) Amaechi and (Lagos State Governor, Babatunde) Fashola who attended the retreat expressed their problem with the establishment of the SWF. They argued that it contravened Section 162 of the constitution.

“As a way out of the crisis, we then recommended that all the accountants general of the 36 states meet with the Accountant General of the Federation to look at the issue and reach a consensus on a way of addressing their concerns with respect to the SWF.

“On this basis, it was agreed that all the 36 states will be represented on the SWF Council that will preside over the fund instead of the six representatives drawn from the six geopolitical zones that was initially recommended to seat on the council.”

The presidency official said another agreement reached was that within the Infrastructure Fund of the SWF, 10 percent of the money would be allocated to disadvantaged states to develop their agriculture sector.

The SWF has three components: Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilisation Fund.
The infrastructure fund is dedicated to investments in the development of critical national infrastructure, with 10 percent of it going to agriculture and government-sponsored projects that promote economic development in under-served sectors or regions of the country.

The future generations fund is aimed at building a savings base by investing in longer term assets that generate returns to accumulate wealth for future generations of Nigerians, while the stabilisation fund will help to protect annual national budgets by providing a stable, last resort source of financing during periods of fiscal deficits resulting from a sustained fall in oil prices.

Minister of Trade and Investment, Dr. Olusegun Aganga, who conceived the SWF when he was Minister of Finance in the last political dispensation, told THISDAY  Saturday that the federal government consulted widely before it went ahead with the idea.

He said during the consultation period and public hearing on the SWF at the National Assembly, the governors of Anambra, Benue, Cross River, Niger and Kwara (then under Dr. Bukola Saraki) States were very supportive.

He added that their Akwa Ibom State counterpart, Chief Godswill Akpabio, was more concerned about the derivation principle and once his concern was allayed, he bought into the idea.

According to him, the federal government further sought legal opinions on Section 162 of the 1999 Constitution and the consensus of those contacted, including the State House legal adviser and the Attorney General of the Federation, was that Section 162 states that revenues of the federation must be distributed, but this is distinct from revenues being shared.

“It was on the basis of the legal advice that we said money put into the SWF should be seen by the states as deferred distribution and share certificates issued to them accordingly,” he said.

Aganga added that during the public hearing that preceded the passage of the bill, the government also got a justice of the Supreme Court to give his opinion on the issue, stating that it tallied with those of the AGF and the State House legal adviser.

Aganga said the management board of the SWF is to be set up by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, “since that is what the law establishing the fund provides. But the board will report to the NSIA Council.”

Aganga, who acknowledged that some governors may be gearing for a legal battle with the federal government over the SWF, warned that that one of the reasons Fitch, the rating agency, revised Nigeria’s outlook was because it suspected that governors and other influential politicians would not support its establishment.

“But since the NSIA Act came into being, Fitch had made public statements that it would revise Nigeria’s outlook, and indeed, its credit rating, at the next review.

“So this will take us back and we will be left with the ECA which the governors also claim is illegal,” he said.
When contacted on the issue, Rivers State governor confirmed that there was opposition to the creation of the SWF, stating “the president who is aware that some of us have issues with the SWF had counselled during the retreat for ministers that we should not go to court, requesting that we wait for Okonjo-Iweala to resume.

“Our view is that we can only go to court if the federal government cannot address our concerns,” he said.
Amaechi, however, added that on a personal level, he considers the creation of the SWF unconstitutional. “No law can tamper with what the constitution provides.

“Besides, I have told them that Rivers State has its own wealth fund into which we save N1 billion monthly. So why should anybody save for us? I have asked this and no one seems to have an answer on this,” he stated.

The governor confirmed that his Lagos State counterpart, Mr. Babatunde Fashola, has the same reservations about the creation of the SWF as he does and had expressed them to Jonathan.

Other than the issue of the SWF, the NGF today will also discuss how to meet targets under the Millennium Development Goal, the quarterly polio campaign of the forum, the review of the revenue allocation formula, and the need to split the office of the Accountant General of the Federation.

The governor from the south-west said the dual role played by the office engenders lack of transparency in the way the nation’s revenue is managed.

“What the nation needs is to split the office into two. From it, we should have the Accountant General of the Federation who will be responsible to all tiers of government and the Accountant General to the Federal Government that will handle the finances of the central government,” he explained.

[flash=400,400]
https://www.youtube.com/watch?v=i6t5KU-vz98&feature=player_embedded#![/flash]

I think IBB may even kill 'Satan' when he enters hell.


Its well within his capabilities.

The danger of 'Monopolies'. . . .  .

Cement producers can simply cut supply to raise prices with little or no competition - simple economics.

So what can the govt do? Here's a few suggestions.

- They can provide subsidies to cement producers.
- They can cut any tax imposed on cement producers.
- They can encourage foreign companies to supply cement from outside the country by removing import tarifs.
- They can supply interest free loans to cement producers for them to invest in extra capacity.
- They can 'Nationalise' cement companies.

Plea bargain - (Small bribe)

He's been acquited.

[quote author=alj_harem link=topic=740217.msg8965039#msg8965039 date=1313788848]devil , looks like human to me. goat like u. I am not a devil. infact i bring sanity to this forum[/quote]Off course you will say your pikin looks human - but i beg to differ.

[quote author=alj_harem link=topic=740217.msg8964994#msg8964994 date=1313788464]Why was that, have u been thinking of me that much

onya ara[/quote]Certainly not - but because the child looked like some form of devil I immediately suspected that it was your offspring.

[quote author=alj_harem link=topic=740217.msg8964930#msg8964930 date=1313787907] kai, I have no power to create, but if i had i would have made u different most likely an Osu [/quote]Continue denying it - Once i saw the picture you were the first person that came to mind.

I can see the resemblance.

[quote author=alj_harem link=topic=740217.msg8964881#msg8964881 date=1313787588]every creature is made from Allah. God knows best, not man

tufiakwu [/quote]Get away - that thing was created by you.

Dont blame that on your god.

This seems to be becoming the latest trend in Nigeria.